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Straits Times
2 days ago
- Business
- Straits Times
CapitaLand Ascendas Reit plans $329 million divestment of five Singapore properties
Sign up now: Get ST's newsletters delivered to your inbox Following the completion of the proposed divestments, Clar will own 226 properties in total, 93 of them in Singapore. SINGAPORE - The manager of CapitaLand Ascendas Reit (Clar) announced on Aug 18 the proposed divestments of five Singapore properties. These divestments are being proposed at 'healthy premiums' of about 6 per cent over the properties' total market valuation and 20 per cent over the original purchase price, for a total sale consideration of $329 million, said the manager in a bourse filing. Three of the properties are logistics properties, while the remaining two are industrial properties. The proposed divestments are in line with the manager's 'proactive capital recycling strategy' and aim to 'improve the quality' of the Clar portfolio and optimise returns for unitholders, said the filing. To date in 2025, Clar has announced a total aggregate value of $355.5 million of divestments. The Business Times understands the five assets were acquired by an EZA Hill-led consortium. The portfolio transaction was brokered by CBRE's industrial and logistics team who declined to comment on the specifics of the deal. The estimated net proceeds after divestment costs are expected to be $313.1 million. The divestments are expected to be completed within the fourth quarter of 2025. Top stories Swipe. Select. Stay informed. Singapore NDR 2025: Age Well Neighbourhoods will help improve seniors' access to healthcare, social activities Singapore NDR 2025: New govt-funded traineeship scheme for ITE, poly, university graduates Singapore NDR 2025: More avenues for S'poreans to be heard, get involved will be opened up, says PM Wong Business Singapore key exports fall worse than expected in July as shipments to US plunge 42.7% World Trump, tech and Texas: What's next for the US? Singapore N(T) students more likely to finish school, do as well in job market as N(A) peers: Study Singapore Singapore-developed device for diabetics measures long-term average blood sugar levels within 6 mins Business Asean can fend off blow from protectionism by boosting integration: Singapore Business Federation 'Building on a stellar 2024, we are seeing sustained momentum in Singapore's industrial real estate sector,' said CBRE's head of Singapore industrial capital markets Loh Lee Fen in response to BT. 'The Singapore dollar's strength and a favourable lending environment, including a declining Sora (Singapore Overnight Rate Average), are key contributors to this positive trend.' The manager is entitled to a divestment fee of 0.5 per cent of the sale considerations of the properties, paid in cash. Following the completion of the proposed divestments, Clar will own 226 properties in total – 93 properties in Singapore, 34 properties in Australia, 49 properties in the US and 50 properties in the UK and Europe. Clar posted a lower first-half revenue on Aug 4, which was down 2 per cent year on year at $754.8 million. This was mainly due to the divestment of five properties in Australia, Singapore and the United States, as well as the decommissioning of a property in the UK for redevelopment in June 2024. It also announced the launch of its first logistics developments in the UK at an estimated total investment cost of $350.1 million on Aug 11.
Business Times
2 days ago
- Business
- Business Times
CapitaLand Ascendas Reit proposes S$329 million divestment of five Singapore properties
[SINGAPORE] The manager of CapitaLand Ascendas Reit (Clar) announced on Monday (Aug 18) the proposed divestments of five Singapore properties. These divestments are being proposed at 'healthy premiums' of about 6 per cent over the properties' total market valuation and 20 per cent over the original purchase price, for a total sale consideration of S$329 million, said the manager in a bourse filing. This follows Clar's target of about S$300 million to S$400 million in divestments in Singapore, Europe, the US and Australia this year. The Business Times understands the assets were acquired by an EZA Hill-led consortium. The portfolio transaction was brokered by CBRE's industrial and logistics team who declined to comment on the specifics of the deal. The estimated net proceeds after divestment costs are expected to be S$313.1 million. The divestments are expected to be completed within the fourth quarter of 2025. 'Building on a stellar 2024, we are seeing sustained momentum in Singapore's industrial real estate sector,' said CBRE's head of Singapore industrial capital markets Loh Lee Fen in response to BT. 'The Singapore dollar's strength and a favourable lending environment, including a declining Sora (Singapore Overnight Rate Average), are key contributors to this positive trend.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Clar has announced a total aggregate value of S$355.5 million of divestments year to date. Three of the properties are logistics properties, while the remaining two are industrial properties. The proposed divestments are in line with the manager's 'proactive capital recycling strategy' and aim to 'improve the quality' of the Clar portfolio and optimise returns for unitholders, said the filing. The manager is entitled to a divestment fee of 0.5 per cent of the sale considerations of the properties, paid in cash. Following the completion of the proposed divestments, Clar will own 226 properties in total – 93 properties in Singapore, 34 properties in Australia, 49 properties in the US and 50 properties in the UK and Europe. Clar posted a lower first-half revenue on Aug 4, which was down 2 per cent year on year at S$754.8 million. This was mainly due to the divestment of five properties in Australia, Singapore and the US, as well as the decommissioning of a property in the UK for redevelopment in June 2024. It also announced the launch of its first logistics developments in the UK at an estimated total investment cost of S$350.1 million on Aug 11. Units of Clar closed 0.7 per cent or $0.02 down at S$2.69 on Friday.
Business Times
11-08-2025
- Business
- Business Times
Stocks to watch: CICT, Keppel, Clar, Thomson Medical, Zheneng Jinjiang Environment
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Aug 11): CapitaLand Integrated Commercial Trust (CICT) : The manager of the trust announced on Monday the in-principal approval of the listing and quotation of 284.4 million new units at an issue price of S$2.11 per new unit for a placement of around S$600 million. These will be listed on the Singapore Exchange mainboard. Units of the trust closed flat at S$2.26 on Friday. Keppel : The group announced on Monday its proposed divestment of M1's telecommunications business to Simba Telecom for an enterprise value of around S$1.4 billion. The consideration will be fully paid in cash and Keppel will receive close to S$1 billion in cash proceeds for its 83.9 per cent effective stake in M1. Shares of Keppel closed on Friday 0.8 per cent or S$0.07 down at S$8.58, before the news. It called for a trading halt on Monday morning. CapitaLand Ascendas Reit (Clar) : The manager on Monday announced the proposed development of Clar's first logistics developments in the UK, for an estimated total investment cost of S$350.1 million. The trust is proposing to acquire two plots of freehold land, on which four new logistics properties will be developed. The new properties are set to boost the asset value of Clar's UK logistics portfolio by 43.5 per cent to around S$1.2 billion. Units of Clar finished on Friday 0.4 per cent or S$0.01 lower at S$2.72. Thomson Medical Group : The medical group announced on Friday night that it is expected to record a post-tax loss for the six months and financial year ended Jun 30. It cited higher interest expenses from its Far East Medical Vietnam acquisition, cessation of projects in Singapore and weaker performance in Malaysia – partly from the termination and discounts of certain insurance contracts – as primary reasons for the dip. The counter closed 3.6 per cent or S$0.002 down at S$0.053 on Friday. Zheneng Jinjiang Environment : The China-based waste treatment group on Saturday posted a profit of 332 million yuan (S$59.4 million) for its first half ended Jun 30, up from 206.9 million yuan in the previous corresponding period. Its revenue stood at 1.82 billion yuan, a marginal increase of 0.6 per cent from 1.81 billion yuan in H1 2024. The counter finished on Friday flat at S$0.45.
Business Times
03-06-2025
- Business
- Business Times
Stocks to watch: CapitaLand Ascendas Reit, Sinarmas Land, Oxley Holdings
THE following companies saw new developments that may affect trading of their securities on Tuesday (Jun 3): CapitaLand Ascendas Reit (Clar) : The manager said on Tuesday that it received in-principle approval for the listing and quotation of up to 202.4 million new units of Clar on the mainboard of the Singapore Exchange on Monday. The new units are expected to be issued under a private placement that will partially fund Clar's acquisition of a data centre in Tai Seng and a building in Science Park. Units of Clar closed Monday 1.5 per cent or S$0.04 higher at S$2.61 before the announcement. Sinarmas Land : The property development group requested a suspension in the trading of its shares to take effect from 9am on Tuesday, as the percentage of its total issued shares held in public hands has fallen below 10 per cent free float requirement. This comes as the privatisation offer by the Widjaja family-controlled Lyon Investments for all Sinarmas shares closed on Monday at 5.30pm, with the offeror's resultant shareholding amounting to around 4.2 billion shares or 98.65 per cent of the total shares of Sinarmas. The counter ended Monday 1.4 per cent or S$0.005 higher at S$0.375 before the announcement. Oxley Holdings: Its wholly owned subsidiary Oxley Rising secured a sales arrangement for 100 units at integrated development SO/ Residences, in Kuala Lumpur City Centre, for a sales value of around S$67 million, the group said on Monday. This brings overall residential sales at the development to around 75 per cent. The counter ended Monday unchanged at S$0.069 before the announcement.
Straits Times
28-05-2025
- Business
- Straits Times
CapitaLand Ascendas Reit to buy Tai Seng data centre, Science Park building for $700 million
SINGAPORE - CapitaLand Ascendas Real Estate Investment Trust (Clar) has entered conditional agreements to acquire two prime properties to expand its portfolio in Singapore, particularly in the technology sector, the manager said on May 28. The two properties are a Tier III colocation data centre at 9 Tai Seng Drive and a premium business space property at 5 Science Park Drive. With a purchase consideration of around $700.2 million, the proposed acquisitions will raise the value of Clar's Singapore portfolio by 6.6 per cent to around $11.7 billion. The Singapore portfolio will account for 67 per cent of its total assets under management (AUM) of $17.6 billion. William Tay, executive director and chief executive officer of the manager, said that the properties are leased to reputable and well-established end users and tenants in the digital, e-commerce and financial services industries, to steer Clar's portfolio towards the technology sector. 'This aligns with Clar's strategy to leverage on global growth trends in technological advancement and digital transformation, while diversifying and strengthening its customer base,' he noted. The proposed acquisition of the data centre will raise Clar's data centre AUM by 32.8 per cent to around $1.9 billion – of which 54 per cent or $1 billion will be in Singapore, while 46 per cent or $900 million will be in the UK and Europe. The property is located in the Tai Seng Industrial Estate. The manager noted that it was a strategic location for cloud service providers, enterprises and data centre players given its power availability and dense concentration of networks and direct connections to leading network service providers. Two of Clar's data centre properties, Kim Chuan Telecommunications Complex and 38A Kim Chuan Road, are located there as well. Meanwhile, the proposed acquisition of the business space at Science Park Drive will strengthen Clar's market leadership in the Singapore Business Space and Life Sciences segment, the manager added. The deal will increase the segment's total AUM in Singapore by 4.8 per cent to around $5.7 billion. The manager noted that 5 Science Park Drive is part of the 'Geneo' life sciences and innovation cluster in Singapore Science Park 1 – a key technology and research and development hub – adding that the proposed acquisition solidifies Clar's footprint in the cluster. The trust owns a 34 per cent stake in another property situated within Singapore Science Park 1, the recently redeveloped 1 Science Park Drive. The acquisitions will be partly funded by a proposed private placement of new units, with an issue price range of between $2.465 and $2.515 apiece, which aims to raise gross proceeds of at least $500 million. The manager called for a trading halt on before trading began on May 28. The counter closed up 0.4 per cent at $2.61 on May 27. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
